Restructuring The Market

Global Finance presents the winners of its 16th annual Best Investment Bank Awards.

Wall Street banks are edging out European, Asian and Latin American banks in their home markets, as corporations turn increasingly to the New York firms to raise money on global debt and equity capital markets and to advise them on cross-border mergers. As a result, American banks are dominating the league tables at every level-global, regional and national.

European banks find themselves at a disadvantage to their American rivals because of the particularly acute capital constraints they have faced since Europe's financial crisis unfolded a couple of years ago. In addition, many European banks are in the throes of restructuring, limiting the types of deals they can compete for.

"They had to pick their markets more," says Brian Kleinhanzl, a banking analyst at Keefe, Bruyette & Woods (KBW). "They're not going to beat Goldman Sachs in the US, Europe and Asia. So they're saying, Tm going to have a little bit of each of those markets, and I'll try to win in my home market."

"The US banks are showing that they have the ability to distribute product across the globe, wherever it's originated," notes Kleinhanzl. As this powerful dynamic enhances their global reach by the day, Wall Street banks also enjoy an advantage over their regional rivals in mergers and acquisitions. Cross-border deals are expected to drive the M&A market this year with at least as much force as last year.

With financing cheap and easy to come by in a low-yield environment, acquisitions that were once too nettlesome to be worthwhile are now in Wall Street's crosshairs. KBW expects an increase of about 10% in M&A deals this year. As those deals get bigger, some investment bankers say, they will increasingly rely on the bigger balance sheets to come to fruition-a trend that will keep Wall Street banks at the fore.

But the market volatility that marked the first couple of months of this year was of a type that tends to dampen equity capital markets. If it continues, corporations could wind up raising less money in IPOs and secondary offerings this year than they would have otherwise.

In debt capital markets, investment bankers say, many companies are planning new issues. But these deals won't be refinancings, as were many of the issues that filled the bond market last year. Instead, bankers say, they'll be last-minute attempts to raise new debt at low rates before the US Federal Reserve raises rates-which the central bank has more than hinted it will start to do as early as June of this year.

ANNUAL AWARDS WORLD'S BEST INVESTMENT BANKS 2015

GLOBAL WINNERS

BEST INVESTMENT BANK

J.P. Morgan

J.P. Morgan led the titans of Wall Street in attracting corporate clients in markets of all sizes around the world with not only the vast reach of its global distribution capability but also the strength of its balance sheet. Taking full advantage of the relative capital weaknesses of its peers, J.P. Morgan judiciously stole market share-21.5% in mergers and acquisitions, 7.5% in equity, and 6.7% in debt-not only from its global European peers but also from relatively small local banks scattered across frontier and emerging markets. Playing to corporate bond issuers who were under pressure to take on as much cheap debt as possible in a low-yield environment before rates rise, J.P. Morgan raised $421 billion in no less than 1,771 public debt issues for its clients last year.

BEST IN EMERGING MARKETS

CITIC Securities

CITIC, a Chinese state-owned investment bank, raised $8.2 billion for its clients in 55 equity deals last year. CITIC also issued the world's largest renminbi-denominated bond on record, raising Rmb37 billion ($6 billion) in Tier 2 capital. All told, CITIC claimed a 17.2% share of the Asia-Pacific region's market for convertible bonds outside of Japan.

BEST IN FRONTIER MARKETS

J.P. Morgan

J.P. Morgan advised its clients on nine M&A deals valued at $13.6 billion, for a 16.6% market share, last year. The numbers represent a greater value and market share than those posted by any other investment bank in frontier markets, according to Dealogic.

BEST EQUITY BANK

Morgan Stanley

Morgan Stanley raised $22.2 billion in IPOs last year-more than any other investment bank-for an 8.9% market share, according to Thomson Reuters. The bank ranked a very close second, after Goldman Sachs, in terms of the amount of money raised for clients, raising $74.6 billion in 445 equity deals that claimed an 8% market share, according to Dealogic.

BEST DEBT BANK

Bank of America Merrill Lynch

Bank of America Merrill Lynch was the lead bookrunner for the world's largest corporate debt deal of 2014: Medtronic's issuance of $17 billion in bonds on December 1. BofAML was also a bookrunner for the world's second-largest corporate bond deal, which raised $12 billion for Apple in April 2014. All told, BofAML raised $355 billion in 1,547 bond deals for its clients in bonds worldwide last year, according to Dealogic.

BEST M&A BANK

Goldman Sachs

Goldman Sachs achieved the greatest value and highest number of announced deals with the biggest market share-416 deals worth $1,071 billion, or 29.9% of market share. Goldman also achieved the highest revenue of any M&A adviser, at $2 billion, with the highest market share, at 9.7%, according to Dealogic.

BEST UP-AND-COMER

Zaoui & Co

Zaoui & Co was founded in London in 2013 by Michael and Yoel Zaoui to advise companies on the complex type of cross-border mergers and acquisitions that defined the fastest-growing segment of the global M&A market last year. Shortly after its well-timed launch, Zaoui & Co joined six of the world's largest investment banks in advising cement maker Lafarge on its sale to Holcim in the world's sixth-largest M&A deal last year, which was valued at $40.6 billion.

MOST CREATIVE

UBS

UBS structured seven of the world's most complex mergers and spin-offs in an innovative manner that turned them into cash registers for its clients: Vodafone reaped a $130 billion windfall from its 45% interest in Verizon Wireless in the third-largest M&A deal in history; Essex Property Trust acquired BRE Properties; NorthStar Realty Finance spun off NorthStar Asset Management; Williams Companies purchased interests in Access Midstream Partners, which subsequently conducted a reverse merger; AerCap acquired International Lease Finance; Health Management Associates was sold to Community Health Systems; and Chong Hing Bank was partially sold to Yue Xiu Enterprises.

DEALS OF THE YEAR

BEST EQUITY DEAL

Alibaba Group IPO

Arrangers: Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, Citi

In the biggest IPO of the year, these six investment banks raised $25 billion in an IPO for Alibaba-China's answer to Amazon.com- on the New York Stock Exchange on Sept. 18, 2014,

BEST DEBT DEAL

$17 billionMedtronic bond sale

Lead bookrunners: Bank of America Merrill Lynch, Deutsche Bank, J.P. Morgan

In the largest corporate debt deal of 2014, Medtronic issued $17 billion in bonds on Dec.1. The deal is tied for second place, with a bond launched by tech giant Apple in April 2013, for the second-largest corporate bond issue in history.

BEST M&A DEAL

$65.7 billion acquisition of pharmaceuticals firm Allergan by Actavis

Advising Actavis (acquirer): J.P. Morgan Advising Allergan (target): Goldman Sachs, Credit Suisse, Bank of America Merrill Lynch

In the world's largest pharmaceuticals merger last year, J.P. Morgan advised global generic drug-maker Actavis on its $65.7 billion acquisition of Allergan. J.P. Morgan successfully negotiated Actavis's second bid by deftly restructuring the deal late in the transaction-a first for a deal this size.

SECTOR WINNERS

CONSUMER

Lazard

Lazard advised its clients on 41 mergers and acquisitions among consumer companies that were valued at $119.6 billion last year for a 24.5% market share. Lazard was virtually tied with Goldman Sachs for first place in M&A in the global consumer sector.

FINANCIAL INSTITUTIONS

HSBC

HSBC was the lead bookrunner for the $6 billion IPO of National Commercial Bank of Saudi Arabia last November-the biggest IPO for a financial institution in 2014.

HEALTHCARE

Bank of America Merrill Lynch

The bank underwrote a $17 billion bond issue for Medtronic on December 1. The deal is tied for second place, with an Apple bond in April 2014, for the second-largest corporate bond issue in history.

INDUSTRIALS/CHEMICALS

Lazard

Lazard advised its clients on 49 mergers and acquisitions of industrial companies valued at $111.1 billion-more than any other bank last year-for a 25% market share, according to Dealogic.

INFRASTRUCTURE

UBS

UBS led the list of banks that advised Swiss cement company Holcim on its acquisition of France-based construction materials giant Lafarge. The $40.6 billion deal was the world's sixth-largest acquisition on record last year.

MEDIA/ENTERTAINMENT

J.P. Morgan

J.P. Morgan advised clients on 17 mergers and acquisitions of media and entertainment companies, valued at $112 billion. Those deals included the biggest merger of the year-Comcast's$69.8 billion acquisition of Time Warner Cable.

METALS & MINING

BMO Capital Markets

BMO was among the banks that advised an MMG-led consortium on its $5.9 billion acquisition of Las Bambas from Glencore Xstrata last year. That was just one complex example of the 11 M&A deals on which BMO advised clients for a total value of $12.2 billion last year.

OIL & GAS

CIBC

CIBC was a bookrunner in 43 oil and gas IPOs last year, the biggest of which raised $1.7 billion for PrairieSky Royalty in May 2014-the largest Canadian IPO in 14 years.

POWER

Goldman Sachs

Goldman Sachs advised its clients on 21 mergers and acquisitions of power companies worth a total of $34.8 billion-for a 28.4% market share, according to Dealogic. Goldman was also No. 1 in equity capital markets, raising $3.8 billion for power companies.

REAL ESTATE

CICC

CICC was the lead bookrunner for the $4 billion IPO of Dalian Wanda Commercial Properties in China, the world's fourth-largest public equity deal last year.

TECHNOLOGY

Allen & Company

Allen & Company advised Facebook on its $21.9 billion acquisition of WhatsApp, which was completed last October in the third-largest technology deal on record. Allen also led the investment banks that advised Time Warner Cable, the acquisition target of a $69.8 billion merger with Comcast, in the biggest M&A deal of 2014.

TELECOMS

Lazard

Lazard was the sole adviser to AT&T in its $67 billion acquisition of DIRECTV Group last May-the second-largest deal of Its kind announced last year, according to Dealogic.

BEST LEGAL ADVISERS

GLOBAL

Skadden Arps Slate Meagher & Flom

Ranking No. 1 among law firms worldwide last year, Skadden advised its clients on 255 merger and acquisition transactions valued at $542.6 billion, taking a 15.1% market share.

NORTH AMERICA

Cleary Gottlieb Steen & Hamilton

Cleary advised Medtronic on the largest corporate bond deal in the US last year, which was tied for second place as the biggest in history.

WESTERN EUROPE

Freshfields

Freshfields advised its clients on 171 M&A deals in Western Europe last year, valued at $274.9 billion, which was more than any other law firm in the region, for a 24.1% market share, according to Dealogic.

CENTRAL & EASTERN EUROPE

Freshfields

Freshfields advised its clients on 14 mergers and acquisitions in Central and Eastern Europe that were valued at $11.7 billion last year-more than any other law firm-and claimed an 11.8% market share in the region, according to Dealogic.

LATIN AMERICA

Sullivan & Cromwell

Sullivan & Cromwell advised its clients on nine mergers and acquisitions that were valued at $17.1 billion-more than any other law firm in Latin America-for an 11.1% market share last year, according to Dealogic.

ASIA-PACIFIC

Clifford Chance

Clifford Chance advised its clients on 51 M&A deals valued at $55 billion-more than any other law firm in the AsiaPacific region-for a 6.2% market share last year, according to Dealogic.

MIDDLE EAST

Herbert Smith Freehills

Herbert Smith Freehills advised its clients on seven mergers and acquisitions that were valued at $13.7 billion last year-more than any other law firm in the Middle East-for a 20.4% market share, according to Dealogic.

AFRICA

Webber Wentzel

Webber Wentzel advised its clients on nine M&A transactions in Africa that were valued at $9.3 billion-more than any other law firm-for an 18.3% market share last year, according to Dealogic.

REGIONAL WINNERS

NORTH AMERICA

BEST INVESTMENT BANK

J.P. Morgan

J.P. Morgan ranked No. 1 in debt capital markets, raising $249.8 billion in 1,021 deals, while ranking No. 2 in both M&A and equity. The bank advised clients on 185 M&A deals, valued at $553.1 billion, and raised $28.9 billion in 264 equity deals.

BEST EQUITY BANK

Citi

Citi raised $29.9 billion on North America's equity capital markets, more than any other bank last year, for a 10.1% market share, according to Dealogic.

BEST DEBT BANK

J.P. Morgan

J.P. Morgan raised $249.8 billion in 1,021 public debt deals, topping North American league tables and claiming a 10.8% market share.

BEST M&A BANK

Goldman Sachs

Goldman Sachs ranked No. 1 in North America, advising clients on 264 M&A deals valued at $745.1 billion, with a 36.9% market share.

WESTERN EUROPE

BEST INVESTMENT BANK

Deutsche Bank

In a year when the ability of West European corporations and governments to raise debt was critical to the continent's recovery, Deutsche raised $150.2 billion in 293 public debt deals. Deutsche also ranked No. 5 in both M&A and equity.

BEST EQUITY BANK

UBS

UBS raised $22.3 billion in 83 equity deals, registering a reasonably tight third place in Dealogic's league table for the region, with an 8.3% market share. UBS was the lead bookrunner for the Pershing Square IPO, which raised $2.7 billion and was the world's 10thlargest IPO last year.

BEST DEBT BANK

Deutsche Bank

Deutsche Bank raised $150.3 billion in 293 public debt deals in Western Europe in 2014, more than any other bank, and claimed a market share of 7.8%, according to Dealogic.

BEST M&A BANK

Lazard

In the world's 10th-largest M&A deal of 2014, valued at $25.1 billion, Lazard advised Walgreen of the U.S. on its acquisition of the 55% stake in the equity of Alliance Boots of the UK that Walgreen did not already own.

NORDIC COUNTRIES

BEST INVESTMENT BANK

Nordea Markets

Nordea was No. 1 in debt, raising $21.6 billion in 237 deals, as well as No. 2 in equity, raising $2.1 billion in 15 deals. Among its biggest deals, Nordea advised Volkswagen on its 60 billion Swedish krona ($9.2 billion) spin-off of Scania.

BEST EQUITY BANK

Nordea Markets

Nordea was No. 2 in equity, raising $2.1 billion in 15 deals for a 9% market share in the region, according to Dealogic. Among its biggest deals was the $2.1 billion Thule Group IPO last November, the company says.

BEST DEBT BANK

Nordea Markets

Nordea raised more money on the Nordic region's debt capital markets than any other bank last year-$21.6 billion in 237 deals, for a 10.5% market share, according to Dealogic.

BEST M&A BANK

SEB

SEB was virtually tied for first place with Deutsche Bank in the Nordic region's M&A market, advising clients on 12 deals valued at $24.5 billion for a 21.7% market share.

CENTRAL & EASTERN EUROPE

BEST INVESTMENT BANK

VTB Capital

Moscow-based VTB Capital advised its clients on 10 mergers and acquisitions that were valued at $7.8 billion, for a 7.9% market share of Eastern Europe's M&A market, claiming seventh place. VTB also raised $974 million in an IPO for Russian hypermarket chain Lenta.

BEST EQUITY BANK

Deutsche Bank

Deutsche Bank raised $840 million in eight equity deals-more than any other investment bank-for an 11.6% share of the region's capital markets, according to Dealogic.

BEST DEBT BANK

VTB Capital

Russia'sVTB raised $6.4 billion in 46 bond deals for a 6.3% market share, taking fifth place, according to Dealogic. Eurobond issues included a $400 million issue for Nostrum Oil & Gas and a $500 million issue for Russian Agricultural Bank.

BEST M&A BANK

Deutsche Bank

Deutsche Bank advised its clients on more M&A deals than any investment bank Eastern Europe in Dealogic's top10 ranking-15 deals valued at a total of $14.6 billion, for a 14.8% market share.

LATIN AMERICA

BEST INVESTMENT BANK

Itaú BBA

In a year when 80% of Latin American equity issuance occurred in Brazil and Mexico, Itaú BBA was No. 1 in equity and equity-related deals in Latin America, according to Thomson Reuters. In 2014, Itaú BBA also advised its clients on more M&A deals than any other investment bank in the region.

BEST EQUITY BANK

Itaú BBA

Itaú BBA raised $1.8 billion for its clients in 13 equity capital deals that made up an 8.2% market share, according to Dealogic. The bank topped Thomson Reuters' ECM league tables in the region.

BEST DEBT BANK

BBVA CIB

BBVA CIB raised $10.9 billion in 87 bond issues for its clients across Latin America. In Mexico, BBVA was a joint bookrunner for Mexichem's $1.5 billion revolver last September. In Colombia, BBVA was a joint bookrunner for a $645 million syndicated loan to finance EEB's acquisition of Transportadora del Gas Internacional.

BEST M&A BANK

Itaú BBA

Itaú BBA lorded it over a larger share of Latin America's M&A market than any Latin American bank last year. It advised clients on 72 mergers and acquisitions in Latin America, valued at a total of $29.1 billion, for an 18.9% market share, per Dealogic.

ASIA-PACIFIC

BEST INVESTMENT BANK

Nomura

In a volatile year when emerging markets equity was seen as a risky asset class, Nomura raised more equity capital for its clients than any other Asian bank in the region-$14.1 billion in 112 deals-for a 4.5% market share.

BEST EQUITY BANK

Nomura

Japan's Nomura raised more equity capital for its clients than any other Asian bank in the region-$14.1 billion in 112 deals, for a 4.5% market share-and claimed sixth place, according to Dealogic.

BEST DEBT BANK

DBS Bank

DBS was the lead bookrunner for 110 bond deals that raised a total of $8.3 billion in various Asian currencies during the year ending September 30, 2014. The bank also led 39 bond deals denominated in US dollars, euros and Japanese yen in Asia-ex Japan-over the same period.

BEST M&A BANK

CICC

CICC was No. 1 in China's M&A market last year, advising its clients on 37 deals that were valued at $52.3 billion and claiming a 13.7% market share in China alone. That made CICC the biggest Asian player in the region's M&A market overall.

MIDDLE EAST

BEST INVESTMENT BANK

HSBC

HSCB was No. 1 in equity and No. 1 in public debt in the Middle East last year.

BEST EQUITY BANK

GIB Capital

GIB raised $3.8 billion in three public equity deals for its clients in the Middle East last year, taking a 21.5% market share and seizing second place, according to Dealogic.

BEST DEBT BANK

Mashreq

Based in Dubai, Mashreq raised $3 billion for its clients in nine shariah-compliant bond deals in 2014. All told, Mashreq served as lead bookrunner in 33 debt deals last year. It also raised $854 million in syndicated financing facilities for African financial institutions.

BEST M&A BANK

Samba Capital

Saudi Arabia-based Samba advised clients in M&A, strategic advisory and capital structure. It is currently advising Daliah Healthcare on a $200 million acquisition of a 100% equity stake in Dr. Erfan & Bagedo General Hospital for cash and shares.

AFRICA

BEST INVESTMENT BANK

Java Capital

Java Capital raised $1.1 billion in 19 public equity deals in Africamore money and more deals than any other investment bank last year-staking out a 12.2% market share, according to Dealogic.

BEST EQUITY BANK

Exotix

London-based Exotix served as sole bookrunner for several large equity deals in Africa last year, including a $120 million share placement for Zenith Bank of Nigeria and deals in markets such as Kenya, Botswana and Tanzania. Last October, the boutique bank launched a frontier-market index that is 11.6% weighted to Nigeria.

BEST DEBT BANK

Barclays

Barclays raised $3.1 billion in nine public debt deals last year-more than any other investment bank in Africa-staking out a 14.3% market share, according to Dealogic.

BEST M&A BANK

Citi

Citi was No. 1 in Africa's market for mergers and acquisitions last year, advising clients on eight deals valued at $10.5 billion. All told, Citi claimed a 20.7% share of Africa's debt capital market.

COUNTRY WINNERS

NORTH AMERICA

CANADA

Scotiabank

Scotiabank raised more equity for its clients than any other bank in Canada last year, raising $6 billon in 37 equity deals for a 17% market share.

US

J.P. Morgan

J.P. Morgan was No. 1 in debt capital markets, raising $241 billion in 987 deals, and virtually tied with Citi for first place in equity capital markets, raising $29.8 billion in 221 deals.

EUROPE

AUSTRIA

Raiffeisen Bank International

Raiffeisen raised $1 billion for its client in three equity deals, more than any other investment bank in Austria, for a 25.7% market share.

BELGIUM

KBC

Belgian-based KBC raised $443 million in four equity capital deals, for a 12.9% market share last year, according to Dealogic.

FRANCE

Lazard

Lazard was No. 1 in France's M&A market last year, claiming a 48.9% market share by advising clients on 50 deals with a total value of $129.5 billion, according to Dealogic.

GERMANY

Deutsche Bank

Deutsche Bank advised clients on 44 M&A deals worth about $102 billion-more than any other bank-and claimed 44.1% of Germany's M&A market. Deutsche also raised $58.8 billion on Germany's public debt market, more than any other bank, for a 14.3% market share.

ITALY

Mediobanca

Mediobanca of Italy raised $3.1 billion in 19 equity deals-more than any other bank in the country-for an 11.8% market share, according to Dealogic.

NETHERLANDS

Rabobank

Rabobank raised $9.4 billion in 33 bond deals for its clients in the Netherlands last year, for a 7.4% market share, according to Dealogic.

POLAND

Pekao Investment Banking

Pekao Investment Banking, the Polish unit of UniCredit of Italy, raised $856 million for its clients in three bond deals, laying claim to a 9.3% market share. It also raised $177 million in three equity deals, for a 7.5% market share.

PORTUGAL

CaixaBI

CaixaBI raised $3.6 billion in 15 public debt deals-more than any other bank-for an 11.8% market share, according to Dealogic. The Portuguese bank raised $553 million in equity for its clients in five deals and advised them on six M&A deals, valued at $1.5 billion.

RUSSIA

VTB Capital

VTB increased its share of the entire investment banking market in Russia-including M&A, equity capital markets and debt capital markets-to 22% in 2014, from 14.9% in 2013.

SPAIN

BBVA CIB

BBVA CIB raised $15.4 billion in 90 public debt deals for its clients in Spain, more than any other bank in Spain. The bank participated in the complex euro460 million ($499 million) carveout of Imperial Tobacco of Southern Europe's largest logistics group, Logista.

SWEDEN

SEB

SEB was No. 1 in both M&A and equity in Sweden last year, when it advised its clients on 11 mergers and acquisitions valued at $19 billion and raised $1.5 billion in 12 equity deals, for a 21.9% market share.

SWITZERLAND

Credit Suisse

Credit Suisse raised $41.2 billion in 125 public debt deals-carving out a 32.3% market share last year. The Swiss bank also raised $1.6 billion in 11 equity deals for its clients.

TURKEY

AK Investment

Akbank was the lead manager of Turkey's largest IPO of 2014, which raised $146 million for Aviva, a leading Turkish insurance and pension company. The Turkish bank also raised $26.1 billion via bonds.

UKRAINE

Blackstone

Blackstone was No. 1 in war-weary Ukraine's M&A market last year, advising its clients on a single deal that was worth $307 billion, for a 29.4% market share.

UNITED KINGDOM

Barclays

Barclays raised $34.9 billion in 148 bond deals for its clients, claiming a 12% market share, and virtually tied for first place with HSBC. Barclays also raised $3.7 billion for its clients in 21 equity deals in the UK.

LATIN AMERICA

ARGENTINA

Itaú BBA

Itaú BBA raised $486 billion in 15 public debt deals-more than any other investment bank in Argentina-for a 22.5% market share. The bank advised clients on $1.1 billion in mergers and acquisitions, for a 31.5% market share.

BRAZIL

Itaú BBA

Itaú BBA raised $1.5 billion in seven public equity deals-more than any other bank in Brazil-giving it a 22.5% market share. The bank also advised clients on 63 mergers and acquisitions valued at $26.3 billion, for a 34% market share.

CHILE

BTG Pactual

BTG Pactual raised $405 million in seven equity deals, for a 19.8% market share.

COLOMBIA

Grupo Aval

Grupo Aval raised $1.9 billion in two public equity deals-more than any other bank in Colombia-for a 41.9% market share.

MEXICO

BBVA CIB

BBVA CIB raised $7.2 billion in 58 bond deals-taking a 12% market share. BBVA also raised $685 million in four equity deals.

ASIA-PACIFIC

AUSTRALIA

Westpac

Westpac raised $20.4 billion for its clients in 65 pubic debt deals- more than any other in Australia last year-for an 11.5% market share.

CHINA

China International Capital Corp

CICC ranked No. 1 in China's M&A market last year, advising its clients on 37 mergers and acquisitions deals that were valued at $52.3 billion, for a 13.7% market share.

GEORGIA

Galt & Taggart

Galt & Taggart successfully completed its first-ever bond offering last September, serving as the placement agent for the $10 million issue for Georgian Leasing with a coupon of 8.75%.

HONG KONG

HSBC

HSBC ranked No. 1 in facilitating transactions involving both equity and debt last year, raising $2.5 billion in eight equity deals and $5.8 billion in 45 debt deals.

INDIA

Axis Bank

Axis Bank raised $4.8 billion for its clients in 118 public debt deals-more than any other bank in India-for a 9.4% market share last year. The Indian bank ranked No. 6 in public equity, raising $610 million in 15 deals for a 5.4% market share, according to Dealogic.

INDONESIA

Danareksa

Danareksa raised $444 million in six public equity deals-more than any other bank in Indonesia last year-for a 12.8% market share, according to Dealogic.

JAPAN

Nomura

Nomura raised $13.2 billion in 99 equity deals for its clients last year-more money and more deals than any other bank in Japan- although it has since cut equity staff in the region. Nomura ranked No. 2 in Japan's M&A market and No. 3 in Japan's debt capital market last year.

KAZAKHSTAN

Halyk Finance

The firm achieved the third-best result of the 18 banks involved in the Kazakhstan Electricity Grid Operating Company IPO, which raised $91 million in December. In addition, Halyk raised $294 million in six bond issues for the Kazakhstan government and $441 million in nine deals for financial institutions.

MALAYSIA

CIMB

CIMB was No. 1 in Malaysia's mergers and acquisitions market last year, advising its clients on 22 deals worth $4.9 billion, for a 16.8% market share.

MONGOLIA

BDO Mongolia

BDO Mongolia was established in Ulaanbaatar, Mongolia, in December 2012. Last year, BDO advised clients on two M&A deals valued at $88 million-more than any bank in Mongolia-for a 42% market share, according to Dealogic.

NEW ZEALAND

ANZ Group

ANZ raised $2.2 billion for clients in 31 debt deals-claiming a 15.1% market share, according to Dealogic.

PHILIPPINES

Bank of the Philippine Islands

Bank of the Philippine Islands raised $418 million in six equity deals, ranking in second place and claiming a 14.3% market share.

SINGAPORE

DBS Bank

DBS achieved second place in mergers and acquisitions, advising clients in 11 deals valued at $17.7 billion. It was also No. 4 in equity, raising $664 million for its clients in 13 deals, according to Dealogic.

SOUTH KOREA

NH Woori Investment & Securities

Before the acquisition of NH Investment & Securities by Woori created Korean banking giant NH Woori Investment & Securities on December 31,2014, NH raised $1.9 billion in 19 equity deals-more than any other bank in South Korea.

TAIWAN

CTBC Bank

A pioneer of Taiwan's market for "dim sum" bonds denominated in Chinese yuan, CTBC Bank served as co-manager of three such bonds that raised a total of $320 million for the Taipei branch of Bank of China last September. In addition, CTBC raised $1.5 billion for its clients in 34 syndicated loans during the first 11 months of last year, according to Thomson Reuters.

THAILAND

Bangkok Bank

The bank raised $879 million in six public equity deals-more than any other bank in Thailand-for a 17.6% market share. The country's largest lender by assets ranked No. 6 in Thailand's debt capital market, raising $1.8 billion for its clients in 24 bond issues to claim a 7.9% market share, according to Dealogic,

MIDDLE EAST

BAHRAIN

GIB Capital

The firm was tied for first place in Bahrain's equity capital market, and was tied for first place in the debt markets, raising and $446 million in two deals for a 17.7% market share.

EGYPT

Cl Capital

Cl Capital, an Egyptian investment bank, advised clients on a single M&A deal valued at $315 million last year, claiming an 18.1% share of Egypt's M&A market and ranking in first place, according to Dealogic.

IRAQ

Rabee Securities

This Baghdad-based brokerage has been mandated to sell the majority of a global bank's stake in a local bank for about $170 million and to raise about $1 billion on the stock market for local telecom company Zain.

ISRAEL

Citi

Citi raised $2.4 billion for its clients in five bond deals in Israel last year-more than any other bank-for a 34.7% market share. Citi raised $452 million in four equity deals, and it advised clients on two M&A deals valued at a combined $2.1 billion.

JORDAN

Ithmar Invest

Ithmar Invest, a Jordanian investment bank, advised clients on an M&A deal valued at $35 million last year, claiming a 36.6% market share, according to Dealogic.

KUWAIT

Markaz

Founded in 1974, Kuwait's oldest investment bank raised $76 million in three equity and debt capital markets deals for its clients last year.

LEBANON

BankMed

BankMed worked on several of Lebanon's most significant equity and debt deals of 2014 across a range of industries.

OMAN

BankMuscat

The bank raised $692 million in three public equity deals-more than any other bank in Oman-and claimed a 96.1% market share.

QATAR

Qinvest

Qinvest completed shariah-compliant bond transactions with an aggregate value of $3.5 billion, or about 20% of the international sukuk market, during the first nine months of 2014.

SAUDI ARABIA

Samba Capital

Samba Capital advised AI Hammadi Company for Development and Investment on its $167.7 million IPO last June, and Electrical Industries on a $194 million equity issue.

UAE

Mashreq Bank

Mashreq, based in Dubai, was the mandated lead arranger of a $3 billion structured finance deal for Dubai Ports World in June 2014.

AFRICA

ANGOLA

Standard Bank Angola

The bank led several deals for foreign companies and executed a $180 million facility for the Luachimo Hydroelectric Power Project.

GHANA

IC Securities

IC Securities raised $1 million in Ghana's only equity deal last year, claiming a 100% market share, according to Dealogic.